EMPLOYEE STOCK OPTION PLAN OF 1988
(as amended through November 5, 2003)
Purpose of ACSOP
The Alberto-Culver Company Employee Stock Option Plan of 1988 (hereinafter called the “ACSOP”) is intended to
encourage ownership of the Class B common stock of Alberto-Culver Company (the “Company”) by eligible key employees of
the Company and its subsidiaries and to provide incentives for them to make maximum efforts for the success of the business.
Options granted under the ACSOP will be non-qualified options (not incentive options as defined in Section 422 of the Internal
Revenue Code of 1986 and the rules and regulations promulgated thereunder (the “Code”)).
Key employees of the Company and its subsidiaries who perform services which contribute materially to the management,
operation and development of the business (“Optionees”) will be eligible to receive options under the ACSOP. At their request,
Mr. Leonard H. Lavin and Mrs. Bernice E. Lavin are ineligible to receive options under the ACSOP.
The Compensation Committee of the Board of Directors of the Company (the “Committee”) shall have full power and
authority, subject to the express provisions of the ACSOP, to determine the purchase price of the stock covered by each option,
the Optionees to whom and the time or times at which options shall be granted, the terms and conditions of the options,
including the terms of payment thereof, and the number of shares of stock to be covered by each option. The Committee shall
have full power to construe, administer and interpret the ACSOP, and full power to adopt such rules and regulations as the
Committee may deem desirable to administer the ACSOP. No member of the Committee shall be liable for any action or
determination made in good faith with respect to the ACSOP or any option thereunder. The determination of the Committee as
to any disputed question arising under the ACSOP, including questi